Titagarh Rail Systems Limited and Bharat Heavy Electricals Limited (BHEL) have approved the formation of a joint venture to undertake maintenance of Vande Bharat sleeper trains. The approvals were granted separately by the boards of both companies on 19 March 2026.
The company said in a stock exchange filing that the joint venture will be established as a special purpose vehicle to fulfil maintenance obligations for trains to be supplied by the Titagarh–BHEL consortium under a Manufacturing-cum-Maintenance Agreement (MCMA) with the Ministry of Railways. The formation of the joint venture remains subject to regulatory approvals, and the agreement will be finalised with modifications, if required.
BHEL said in its filing that the joint venture will focus on comprehensive maintenance of Vande Bharat sleeper trains and that the company will seek clearance from the Department of Investment and Public Asset Management prior to finalising the agreement. Further disclosures will be made after execution of the joint venture agreement.
The MCMA relates to supply and maintenance of Vande Bharat trains under a government programme, with the consortium responsible for both manufacturing and long-term maintenance. Both companies indicated that additional disclosures will follow in line with regulatory requirements once the agreement is signed.
In a separate decision, Titagarh’s board approved the issuance of a corporate guarantee in favour of Oil and Natural Gas Corporation Limited on behalf of Titagarh Naval Systems Limited, a wholly owned subsidiary, to support participation in a tender. The company stated that the transaction is at arm’s length and has no immediate financial impact.
Separately, BHEL’s board approved an equity investment of INR 30.64 billion in Bharat Coal Gasification and Chemicals Limited, a joint venture with Coal India Limited, to be made over four years. The entity is being set up to undertake coal-to-chemicals operations, including a 2000 tonnes per day ammonium nitrate plant.
BHEL also approved the merger of its Heavy Power Equipment Plant (HPEP), Hyderabad and Project Engineering and Systems Division (PE&SD), Hyderabad into a single unit, to be named Heavy Power Equipment Plant (HPEP), with effect from 1 April 2026.
Titagarh Rail Systems Limited manufactures railway rolling stock and related equipment, including freight wagons and passenger coaches. Bharat Heavy Electricals Limited is engaged in engineering and manufacturing across power, industrial, and infrastructure sectors.
